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Galapagos Mulls European Stock Listing to Increase Funding

NEW YORK, March 9 (GenomeWeb News) - Galapagos Genomics, a privately held Belgian genomics-tool and drug-discovery firm, said today that it is considering listing its stock on the Euronext stock exchange this year.

The firm, one-fifth of which is owned by Crucell, a Dutch biotech company, said it is mulling the listing to drum up additional funding for its drug-discovery operations, which primarily target bone and joint diseases, such as osteoporosis and rheumatoid arthritis.

According to Galapagos' website, revenues and private financing have increased significantly in the past few years. It received a 23 million ($30.7 million) private placement in 2002 that brought the total amount of financing raised since inception to 32 million. Galapagos also reported a 20-percent increase in revenues in 2004, compared to fiscal year 2003.

The company this year also announced that it had licensed drug targets to Boehringer Ingelheim and GlaxoSmithKline.

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